The data come as China's economy grew 7.4 per cent in the third quarter through the end of September for its weakest performance in more than three years.

Still, recent statistics, including manufacturing, trade and industrial output, have led to optimism among economists that worst of China's slowdown may be over.

The central bank has been fine-tuning policy, including cutting benchmark interest rates twice in June and July andlowered bank reserve ratios three times since late 2011.

But it has been relying on large-scale cash injections into the banking system via its open market operations to support economic growth while retaining sufficient policy flexibility to hedge against a possible rise in inflation.

Chinese shares were down 0.12 per cent in early trade after the release of the inflation figures.